How does leasing work for a fish and chip shop?

Leasing is used all the time by fish and chip shops as a way of paying for the range of assets needed to run the shop.

In addition, there are often other things you might be looking at to improve your business that you can finance, for example:

• Digital signage, shop signs
• New tills for a chippy (EPOS) or a new computer
• CCTV systems for a fish and chip shop
• Fish and chip shop counters
• LED lighting (looks great and will save a lot of money in electricity)
• Flooring, racking

So how does leasing work?

It is very simple, when you know how.

1. You choose the equipment you need and the chip shop equipment supplier

2. Get a quote from them, we would always recommend that you get a couple of quotes to compare

3. Once WestWon see the quote from the supplier, we will then quote you a rental based over two, three, four or five years. Most people pay monthly, however, you can pay quarterly if you prefer

4. Once you are happy with our quote, we will then undertake a quick credit check. We may ask you a few questions and ask for additional information such as company bank statements or full accounts. If you are a sole trader, we need permission to search you and we will need your date of birth, home address etc

5. We obtain the credit acceptance (in about 90% of occasions) and then send you the lease rental paperwork. The terms are very standard and used by most leasing companies

6. Your supplier installs the equipment, you then sign a delivery note to say you have the equipment

7. We/our funder pays your supplier directly, you then pay a rental to us or the funder we have used

8. You will receive a VAT schedule outlining all your rental payments. You claim back the VAT every quarter as normal and you do not even have to pay for all the VAT up front.

9. Make sure the equipment is insured – and tell us – otherwise leasing companies will charge for this

Most fish and chip shops in the UK will have leased some of their equipment in the past. From deep fat fryers to glass fronted commercial fridge’s, we are able to finance most equipment a fish and chip shop needs to serve customers.

If you are looking to replace existing fish and chip shop equipment with either a previously used or brand-new range, please give us a call. We are very competitive on pricing and will be able to arrange this quickly for you.

For more details, please call a member of our team on 01494 611 456, or email us on [email protected].